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Four Reasons Cryptocurrency Really is Here to Stay

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reasons for cryptocurrency to rally

It’s only a matter of time before we see broader cryptocurrency adoption.  Here are the Top 5 reasons why.

Reason No. 1—Bakkt is Nearing

The Intercontinental Exchange (ICE) has partnered with Microsoft, Starbucks and Boston Consulting Group to launch Bakkt, a new cryptocurrency exchange, for example.  The intention is to build an “open and regulated, global ecosystem for digital assets.”

Reason No. 2 – Institutional Interest is Rising

Banks such as Goldman Sachs and Citigroup are working to offer cryptocurrency products.

The NASDAQ is about to hand institutional investors analytical tools for trading hundreds of crypto assets.  Allianz Chief Economic Advisor, Mohamed El-Erian is bullish on cryptocurrency, as well.  “Crypto isn’t dead, and, certainly, the underlying technology is not dead. We’re going to see more widespread adoption, by both the private and public sector, of the blockchain technology and related technologies,” he says, as quoted by Oracle Times.

Reason No. 3 – Yale University may have Opened the Floodgates

CIO of Yale’s nearly $30 billion endowment, David Swensen just invested in two venture funds that focus on cryptocurrency.

Such an endorsement of assets is significant.  Remember, Swensen is one of the top money manager pioneers, having managed one of the best-performing college endowments.  No wonder other endowments have tried to replicate his investment model.

The endowment already invested in Andreessen Horowitz’s $300 million crypto fund, for example. Yale also invested in Paradigm, a cryptocurrency fund founded by Coinbase co-founder, Fred Ehrsam. Sequoia Capital partner Matt Huang and Pantera Capital’s Charles Noyes are also investors on the project.

Reason No. 4 – Government Regulators are on Board 

US CFTC Chairman J. Christopher Giancarlo says it’s here to stay, too.

“I think there is a future for them. I’m not sure they ever come to rival the dollar or other hard currencies,” he says, “but there’s a whole section of the world that really is hungry.”

According to him, digital assets have the potential to assist troubled economies around the globe. In fact, he notes that more than 67% of global economics have currencies with little value.   Cryptocurrency may be able those countries, and keep them operational.

In short, there aren’t many arguments to be made against adoption.

 

 

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